FPA Multifamily Now Owns a Big Chunk of Ventura County’s Apartment Market
The San Francisco-based firm has closed $325 million in multifamily acquisitions in the Southern California county since December.
By Greg Cornfield February 29, 2024 1:30 pm
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FPA Multifamily has been living up to its name the past few months after closing what is now a string of high-figure apartment complex acquisitions in Southern California.
The San Francisco-based real estate investment firm has agreed to pay $153 million for a two-property, 409-unit multifamily portfolio in Ventura County, which amounts to more than $374,000 per unit. Institutional Property Advisors (IPA), a division of Marcus & Millichap (MMI), announced the acquisition but did not disclose the name of the seller. However, property records show the assets were owned by entities that share an address in Los Angeles and are both managed by Avi Peretz.
The two-property portfolio includes Oakview Apartment Homes, a 242-unit asset built in 1970 at 645 Hampshire Road in Westlake Village, and The Biltmore at Thousand Oaks at 555 Laurie Lane, a 167-unit apartment property constructed in 1965 in Thousand Oaks. Together, they make up a significant portion of market-rate units available in the area.
“Well maintained for over 50 years, the majority of the units at both properties are in classic condition with no upgrades or have received minor refurbishments over the years,” IPA’s Joseph Grabiec said in a statement. “Collectively, the portfolio represents nearly 10 percent of the market-rate apartment housing stock in Thousand Oaks and Westlake Village.”
IPA’s Kevin Green said the most recent acquisition marks the fourth deal in Ventura County that the brokerage closed with FPA Multifamily since December, totaling $324.5 million across all properties. Indeed, it comes a couple months after FPA put down $171.3 million for a 399-unit portfolio in Thousand Oaks in December, which included a property across the street from The Biltmore at 550 Laurie Lane. That deal represented 11 percent of the total market-rate housing stock in Thousand Oaks.
Additionally, FPA recently bought three multifamily properties in West L.A. and Santa Monica from Neil Shekhter’s WS Communities for a combined $76 million, according to The Real Deal.
IPA’s Grabiec, Green and Gregory Harris represented the seller for Oakview and the Biltmore, and facilitated the buyer.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
